Canola down awaiting latest USDA report

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Sept 12, 2018 (CNS Canada) – ICE Futures
canola contracts were lower Wednesday morning, ahead of the
latest United States Department of Agriculture report.
Chicago Board of Trade soybeans, meal and oil contracts
were all weaker.
The USDA crop production report will be released at 11:00
CDT this morning, which could have a strong influence on the
markets. It is expected that soybean yields and carryout for the
yield will be raised.
The trade uncertainty between the U.S. and China has made
the Chinese government reduce its soybean import estimate. The
government has lowered its import forecast by over 10 million
tonnes from the estimate released last month.
The forecast is calling for snow in parts of Alberta, which
could affect harvest progress in the province.
About 3,700 canola contracts had traded as of 8:49 CDT
Wednesday morning.